We provide the following services:
- New Real Estate Investor Tax Consultation
- Individual Tax Return Preparation
- Corporate Tax Return Preparation
- Real Estate Investor Tax Return Preparation
- Real Estate Agent Tax Return Preparation
- Partnership Tax Return Preparation
- Prior Year Tax Return Preparation (Back Taxes)
- Tax Planning
- Financial Planning
- Education Planning
- Retirement Planning
- Estate Planning (Wills and Trusts)
- Business Entity Selection and Formation
- Life Insurance
- Business Consulting
- Business Plans
- IRS Employer Identification Numbers
- Cost Segregation Services
Our tax return preparation, tax planning, and business consulting services focus on our clients’ most critical issues and opportunities.
We bring deep, functional expertise, but are known for our fun approach to work. We love what we do and we love bringing our success to our clients.
Hampton Tax and Financial Services, LLC is a different type of financial services firm. We have some of the best industry experts and offer unique access to specialist expertise and analytical tools.
Our solutions are innovative and brave, while at the same time based on industry knowledge and key strategies. We believe there is always a solution.
The Hampton Tax and Financial Services, LLC team consists of expert strategists committed to helping our clients with their most complex challenges and building tailored solutions to help them achieve sustained growth.
We begin by helping our clients choose where to focus to get the greatest return on their business investment. We aim to find the quickest route to success.
Tax Return Preparation
Preparing your own income tax return can be a task that leaves you with more questions than answers. According to a study released by the U.S. Government’s General Accounting Office, most taxpayers (77% of 71 million taxpayers) believe they benefited from using a professional tax preparer. Whether we like it or not, today’s tax laws are so complicated that filing a relatively simple return can be confusing. It is just too easy to overlook deductions and credits to which you are entitled. Even if you use a computer software program there’s no substitute for the assistance of an experienced tax professional. We will provide a tax return checklist of commonly overlooked deductions to help limit your tax liability. Your tax return will be checked and rechecked by our tax professionals to identify potential problems the IRS may look at more closely and to limit IRS contacts. Your tax return will be filed electronically so you will get your refund back quicker. We will also show you how to adjust your payroll withholding to get more money back each week. Why give the IRS an interest free loan for up to 16 months? We will also show you potential deductions to help limit your tax liability for next year.
Return to Top
Prior Year Tax Return Preparation
Every day the IRS computers and IRS Agents are getting more sophisticated. It’s just a matter of time before they catch up with you. This is not a situation to take lightly, failing to file your tax returns is a criminal offense. If you do not file, you can be prosecuted and punished with potential jail time of up to one year in prison for each year not filed. Why risk potentially losing your freedom for failing to file your tax returns? Let us give you the peace of mind you deserve by helping you get in compliance with the law. If you voluntarily file your delinquent tax returns you’ll likely avoid further problems other than having to pay the interest and penalties. If you wait for the IRS to file your tax returns for you, they will be filed in the best interest of the government, usually with little or none of the deductions you are entitled to. Before anything can be done to extract you from this predicament all of your tax returns must be filed. You must be current. In most cases you will likely owe taxes, interest, and penalties after your delinquent tax returns are filed. Once we see how much is owed, we will set a course of action to get you off the hook!
Return to Top
Business Entity Selection and Formation
What does it mean to incorporate? Incorporating a business means turning your sole proprietorship or general partnership into a company formally recognized by your state of incorporation. When a company incorporates, it becomes its own legal business structure, set apart from the individuals who founded the business. Through incorporation, the company’s owner or owners create a separate legal entity to transact business. This new business entity, corporation or limited liability company (LLC), transforms the way the business is seen through the eyes of the law and has more credibility with potential customers, vendors and employees. You have a business to manage, and incorporating takes time. Let our business filing experts save you time, hassle, and money to incorporate your business. Our goal is to simplify the start-up and development phases so you can focus more of your attention on growing your business. We provide a consultation to select the right structure for YOUR company. Significant tax savings can be achieved based on the nature of your business and the structure of your company. Our goal is to help you select the right structure and then realize the tax savings each year going forward. Once you decide on incorporation, call us to handle all the details for you. If you are not sure how your choice of business formation will affect your tax situation contact us for a free consultation.
Our experts will determine if the name you have chosen for your business is available for use in your state. If not, we will contact you so that you can choose an alternate name. Our professionals will file the appropriate forms with the state to start your business and ensure that they comply with all state filing requirements. We will then work to resolve any issues that may arise and monitor the progress until the incorporation documents are accepted and filed by the state. As soon as we receive the official filed incorporation documents from the state, we will email them to you for your records and safekeeping.
Return to Top
New Real Estate Investor Tax Consultation
Our New Real Estate Investor Tax Consultation is designed to educate and prepare new investors to start, manage and successfully grow their business from a financial and tax deduction standpoint.
We will discuss and provide written examples for best business practices, best banking practices, best accounting practices, suitable record keeping systems, accounting software recommendations, real estate investor tax deductions, advanced real estate investor tax strategies, the importance of “date placed into service”, capital improvements vs. repairs and maintenance expenses, depreciation, capital gains tax and depreciation recapture, 1031 exchanges, tax issues for short-term rentals, renting your primary residence or vacation home, and renting out a room in your house.
Return to Top
Cost Segregation Services
Cost Segregation is the practice of identifying assets and their costs, and classifying those assets for federal tax purposes. In a cost segregation study, certain commercial building costs previously classified with a 39-year depreciable life, can instead be classified as personal property or land improvements, with a 5, 7, or 15-year rate of depreciation using accelerated methods. Residential buildings, including multi-family buildings are subject to a 27.5 year life. An “engineering-based” study allows a building owner to depreciate a new or existing structure in the shortest amount of time permissible under current tax laws.
The benefits of a cost segregation study include:
- An immediate increase in cash flow
- A reduction in current tax liability
- The deferral of taxes
- The ability to reclaim “missed” depreciation deductions from prior years (without having to amend tax returns)
Return to Top
Planning is the key to successfully and legally reducing your tax liabilities. We continually look for ways to minimize your taxes throughout the year, not just at the end of the year. We make it our priority to enhance our mastery of tax law, complex tax codes, and new tax regulations. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We recommend tax saving strategies that help you grow and preserve assets, defer income so you pay less taxes, reduce taxes on your income so you keep more of what you make, reduce taxes on your estate so your family keeps more of what you’ve made, reduce taxes on your gifts so you can give more, reduce taxes on your investments so you can grow your wealth faster, and reduce taxes on your retirement distributions so you can retire in style.
Are you confident you’re taking advantage of every available tax deduction?
Is your tax advisor giving you proactive advice for saving on your taxes?
Do you engage in tax planning?
If you answered no to any of these questions, then you need to partner with Hampton Tax and Financial Services, LLC. We are strategic tax advisors who work with real estate investors and we hate paying excess taxes as much as you do.
Our tax planning services are implemented in six stages.
The first stage is a strategy consultation. We will discuss your personal, business, and investing goals to determine how we can provide value to you as a client and determine if we can assist you with achieving your stated financial objectives and/or reducing your tax liabilities. If we conclude that it is likely that we can help you to legally secure more favorable tax results than you are currently achieving, the second stage will be detailed analysis of your tax and financial information.
The second stage is a detailed analysis of your previous year’s business and personal tax returns and financial information to identify potential tax saving and financial opportunities.
The third stage will be the preparation of detailed and specific written recommendations to help you accomplish your stated objectives.
The fourth stage is a tax planning and financial strategies meeting. We will meet with you to review and discuss the tax saving and financial strategies that we have identified and answer any questions that you may have. At the meeting you will receive a written copy of your tax savings and financial plans.
The fifth stage is the execution of the identified tax planning and financial strategies. We will work with you throughout the year to help you implement the recommendations provided to you in the fourth stage.
The six stage is ongoing consultation. We will provide ongoing consultation to help you implement the identified strategies and update your plan as your financial situation changes.
Return to Top
Hampton Tax and Financial Services LLC Is a fee-only financial life planning firm that makes financial education and guidance accessible to busy professionals throughout the country. We help business owners, corporate executives, individuals and their families make better financial decisions regardless of their income, net worth, or investable assets.
We collaborate with clients to establish financial goals and build a workable financial plan that includes:
- Discussion of financial goals and concerns
- Net worth analysis
- Cash flow analysis and management
- Debt analysis and management
- Credit score analysis and management
- Tax return analysis and tax planning
- Asset protection analysis
- Education funding analysis
- Retirement readiness analysis
- Estate planning analysis
Before we can effectively design a plan, we need to fully understand where you are now, where you want to go, and why.We use this information to provide personalized solutions for your unique situation.As your situation changes, we reassess and make adjustments.
Your financial success is a matter of choice, not chance.
We have over two decades of financial experience and have appeared in numerous national media outlets including Black Enterprise Magazine, CreditCards.com, the Henry Neighbor, and the Henry Daily Herald.
We are a fee-only financial life planner, so we don’t try to up-sell you on additional products, and we do not collect any commission off of your assets. We provide holistic financial life planning services.
Want to learn more about our process, services, and how we can work together? We invite you to contact us at 404-482-3170 for a complimentary consultation.
Return to Top
Every child dreams about what they will be when they grow up. A college education can be the most important factor in that dream becoming a reality. The available education planning choices can be confusing, and it is important that you have someone who understands how your savings will affect your child’s or grandchild’s ability to qualify for financial aid, as well as the implications for your income, gift, and estate tax situation. We can help you calculate not only how much you’ll need to save for college, but also which investment products are appropriate for your situation. We can also determine how your savings will affect your child’s financial aid eligibility, and how all of this will impact your tax situation.
Return to Top
Retirement planning is critical in these uncertain times. Whether you are developing a retirement plan for yourself or choosing a retirement plan to offer to your employees, we can help you evaluate the available options. Our focus is on helping you to make the choice that is most appropriate for your own financial situation. If you are choosing a retirement plan for your business, we will base our recommendations on the unique characteristics of your business and your employee population, as well as the legal and compliance issues related to each type of plan.
Return to Top
No one likes to dwell too long on their own death or the impact it will have on their loved ones. A sad situation is made much worse, however, when a will is contested or no thought has been given to taxes. Estate planning allows you to take action now to ease the burden of your relatives when you pass away. It also assures that your assets will be distributed per your instructions. Our consultants are ready to discuss your concerns about your estate and design an estate plan tailored to your unique circumstances. We will review and update all relevant documents such as wills, power of attorney, and health care directives and assure their legality by coordinating with other estate planning professionals when necessary. We will recommend trusts or insurance that protect your wealth and minimize taxes. Estate planning is not everyone’s favorite topic, but a bit of work now will relieve any worries you may have about the future and make a hard time for your family much less difficult.
Need an Estate Plan?
We have developed a relationship where our office can coordinate information to help provide you with an estate plan (including a revocable trust, will, financial power of attorney, medical power of attorney, and other documents) in a time efficient and cost effective manner. Your estate plan is then prepared and reviewed in two business days by leading industry professionals (estate planners/attorneys) to give you a professional estate plan.
Already have an Estate Plan? NO PROBLEM!
Even if you are in the minority of families that has completed their estate plan, this relationship can review your existing documents and provide a list of follow up questions to see if it is up to date. If you know that a number of things have changed, this system can complete brand new documents for you while using your existing trust name and date (this prevents having to re-register assets already in the trust).
Who can use this system?
We estimate that approximately 75% of estate plans are appropriate for this system. If you are disinheriting children, feel like you have heirs that will litigate after your death, or have extremely unusual beneficiary needs, this system will NOT be for you. Hampton Tax and Financial Services LLC can refer you to one of our local estate planning attorneys for these needs.
If you have a young and growing family that wants to provide for your children in a responsible manner (spacing out distributions over time), this system is for you.
If you have put off doing your estate plan for YEARS because of cost, logistics in meeting with an attorney, or a simple lack of desire to talk about the inevitable, this system is for you.The system can also handle situations where you may have a special needs child or a child who is not financially responsible.
What information do I need to provide?
The system will need to know the answers to five major questions:
(1) Beneficiaries – Who is going to get everything?
(2) Method of Distribution – How are the beneficiaries going to get everything (ages, no restrictions, etc.)?
(3) Trustee/Executor/Power of Attorney – Who will make financial decisions for you if you cannot?
(4) Health Care – Who will make health care decisions for you if you cannot?
(5) Guardian – Who will have physical custody of minor children?
Sample answers and ways of thinking are provided in an Introduction to Estate Planning document that Hampton Tax and Financial Services LLC can provide.
I’m interested! Now what?
Contact Hampton Tax and Financial Services LLC at 404-482-3170 and we can provide you with more information to get your affairs in order!
Return to Top
First and foremost, we get to know you and understand your business. As the business owner, you know more about your business than anyone else. For this reason, we will take the time to learn from you the ins and outs of your business. It is only after a complete understanding of your business that we can begin to help you. After we have learned the details of your business, we go to work identifying problems and opportunities. Those may be problems and opportunities you point out to us, but we also have a process to identify problems and opportunities which you may have overlooked. We bring fresh eyes, fresh experience and an open mind to your business enterprise, providing a completely different perspective than that of someone who has been running the company for some time or someone looking to start a new venture. After identifying the problems and opportunities of your business we will then analyze this information to provide solid solutions and plans for the future. Often times, business owners are so focused on working “in” the business that short term and long term outlooks and strategies are overlooked and neglected. We can re-focus your company’s strategies to solve immediate problems, while taking advantage of future opportunities. In short, we will minimize expenses and maximize profits through our proven process.
Return to Top
IRS Employer Identification Numbers
An IRS Employer Identification Number is required for businesses to open bank accounts, apply for loans, hire employees, etc. We will register your business with the IRS and secure a tax identification number for your entity.
Return to Top
Business Plan Preparation
We offer professional business plan preparation for startups and small businesses. Our experience building business plans will help you when approaching investors, bankers, and potential clients. We create financial projections, management and mission statements, and expenditure estimates. Our service also includes electronic presentation preparation.
- Speed to Market: All business plans are completed within 7 business days
- The business plan can be modified as your business expands.
Each Business Plan Features:
- Executive Summary
- Financing Summary
- Overview of Products and Services
- Overview of Organization
- Market and Strategic Analysis
- Keys to Success
- Marketing Plan
- Organizational and Personnel Plan
- Financial Plan (5 Year Financial Model)
- SWOT Analysis
We will need the following information to complete your business plan:
1) The name of the business and the nature of the business (what you are selling).
2) The reason for needing a business plan (i.e. raising capital), and if raising capital, how much is sought?
3) The expected sales figures and expected growth rate.
4) The expected expenses (rent, electric, payroll, etc.).
5) The resumes of you and your business partners (if applicable). It’s okay if you do not have these right away. They are the last thing to go into the business plan and are optional.
6) The location of the business.
7) The business entity (LLC, sole proprietorship, partnership, C-Corporation or S-Corporation).
8) Any other information that explains what you and your business are trying to accomplish.
9) Your phone number and best time to reach you during the day.
We can continually add content to the business plan as you provide us with more information.
Want to learn more about our process, services, and how we can work together?
We invite you to contact us at 404-482-3170 for a complimentary consultation.
Return to Top
Call today to schedule an appointment!